Generally Accepted Accounting Principles Are

question 81

Multiple Choice

Generally accepted accounting principles are:

• A) optional procedures for recording economic events.
• B) mandatory rules applied to both financial and management accounting.
• C) the rules of accounting, prescribed exclusively by Federal regulatory agencies.
• D) standards of accounting, a material departure from which may result in a qualified opinion issued by an auditor.

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Definitions:

Packet Switching

A method of grouping data into packets that are transmitted over a network and can travel independently to their destination.

ICANN

The Internet Corporation for Assigned Names and Numbers, an organization responsible for coordinating the maintenance and procedures of several databases related to the namespaces and numerical spaces of the internet.

IP Address

An Internet Protocol Address is a unique string of numbers separated by periods that identifies each computer using the Internet Protocol to communicate over a network.

Key Pair

A set of two unique keys in cryptography, one public and one private, used together to encrypt and decrypt messages.